I have heard banks talk about a moral obligation to pay the debt. Maybe to the original creditor (and that’s a strong maybe), but certainly not to the junk debt buyer. If the original creditor or debt collection agency owed you money, but the statute of limitations had run, do you think they would pay you? This isn’t about morality, it’s about the law.
Bankruptcy is simply a legal procedure through which allows a debtor to get rid of all his debts. One of the striking features of bankruptcy is that as soon as an individual files a bankruptcy petition, he gets to avail automatic stay, i.e. freedom from the collection activities from all the creditors. Bankruptcy lawsuit may seem fairly easy in theory but it is pretty complex when you try to apply it. Hiring a non immigration visa attorney near me can be of huge help in fighting a bankruptcy case as he is the person who knows the field thoroughly. He holds specialization in handling bankruptcy cases.
One of the common misconceptions when it comes to the Chapter 7 Bankruptcy lawyer is that it’s their job to basically fill out the forms for you. However, this is not like applying for a credit card. These forms are extremely complicated and it nearly takes a law degree to make heads or tails of them.
Do not hide anything. Never think ‘oh but I cannot tell them that’. If you do withhold information, it just might come back and bite you further down the line. And your attorney will not be impressed at having to clean up the mess. They cannot help you if you are not giving them the full story. Help your lawyer to help you and you will be in a win win situation.
The second scenario is not so ideal as it involves people who are short in cash and finding it difficult to reach even the minimum payments. When this is you, that means you are struggling with your minimum payments. This will mean you need to find a debt solution that will allow you the lowest payment terms possible. The best option for you at this point is debt settlement. It is also called debt negotiation or debt reduction. It aims to negotiate with a creditor or collector to allow you to pay only for a certain percentage of your outstanding balance and have the rest of it forgiven.
Living debt free may seem like a fantasy, but I have celebrated this reality hundreds of times with people who have used the Saving Your Way Out of Debt plan. Clients have literally danced in my office after they made their last debt payment. I’ve danced with them too! Celebrate your accomplishment. You deserve it.